Thai Pyramid Scheme Bust: Luxury Goods Seized, Arrests Made

Thai authorities have apprehended 18 individuals in connection to a pyramid scheme potentially defrauding investors of 1.61 billion baht. Assets worth 225 million baht, including luxury goods, were seized. Accusations involve the iCon Group, which allegedly lured investors through promises of quick wealth from selling beauty and health products.

Thai law enforcement has arrested 18 suspects allegedly involved in a pyramid scheme that reportedly defrauded investors of approximately 1.61 billion baht, equivalent to $48 million.

The Central Investigation Bureau announced the seizure of assets valued at 225 million baht. This includes 29 vehicles, three properties, and luxury wristwatches associated with the suspects, who face charges of public fraud and violating computer crimes laws.

The company at the center, iCon Group, used celebrity endorsements and promised large returns, encouraging people to sell beauty and health products. Legal representatives and the arrested parties, among them iCon Group founder Waratpol Waratworakul and three celebrities, deny the charges while the police continue their investigations.

(With inputs from agencies.)